Top Five Bank Mortgage Rates July 19, 2010
After the Fed released the minutes on their last meeting that indicated the economy is not roaring ahead anytime soon, mortgage rates moved lower once again. Mortgage rates are determined by a number of factors, but are strongly influenced by the economy and demand for fixed income assets such as Treasury securities and, of course, mortgage backed securities. As the economy has dragged along, demand for these investments has remained strong pushing rates lower.
In the weekly mortgage rate survey of the top five bank mortgage lenders performed by Findlocalmortgagerates.com, both the 30 year fixed mortgage rate 15 year fixed mortgage rate shifted lower.
The average rate for the 30 year fixed rate mortgage dropped down to 4.750% from 4.775% in the previous week. The average points charged was up slightly to 0.475 from 0.45 points in the previous week.
The average 15 year fixed mortgage rate moved down to 4.20% from 4.225% in the previous week. The average points charged to obtain the rate on the 15 year remained unchanged at .45 points.
The Findlocalmortgagerates.com survey is designed to help consumers make informed choices when looking for the best mortgage and best mortgage rate. Results from the survey included the following bank mortgage lender rates, points and APRs on the 30 year and 15 year fixed rate home loan.
Chase Mortgage rates included the 30 year home loan at 4.875% with 0.25 points and a 4.953% APR and 15 year mortgage rate of 4.375% with zero points and an APR of 4.471%.
Bank of America mortgage rates for the 30 year and 15 year mortgage were 4.75% with 1.0 point and an APR of 4.877% for the 30 year and 4.125% with 1.25 points for a 4.382% APR on the 15 year.
Citibank offers a 30 year mortgage rate at 5.00% with 0.125 points for a 5.158% APR and 4.50% with no points with a 4.729% APR for the 15 year mortgage.
Wells Fargo mortgage rate on a 30 year mortgage is 4.50% with 1.0 point resulting in a 4.686% APR while the 15 year mortgage rate is at 3.875% with 1.0 point and a 4.195% APR.
US Bank mortgage rate is 4.625% with zero points and a 4.690% APR for a 30 year and 4.125% with zero points for a 4.236% APR on the 15 year term home loan.
The bank mortgage lenders listed offer a number of different rate and point options as well as a variety of additional home loans including FHA loans, adjustable rate mortgages, jumbo loans and more.
Bank mortgage rates are current as of this publication date but subject to change. The bank mortgage lender rates listed as well as the points and APRs may vary depending on the credit, income, assets and property being purchased by the borrower. All mortgage loans are subject to bank approval and additional conditions will apply.
The mortgage rates, points and APRs in the Findlocalmortgagerates.com mortgage survey are for a home loan of between $200,000.00 and $275,000.00 on a single family owner occupied home with a minimum 20% down payment.
For more information on the above listed mortgage rates and loans, the bank mortgage lenders listed can be reached directly at the following numbers:
Chase Bank 800-873-6577
Bank of America 888-233-4124
Citibank 800-667-8424
Wells Fargo 877-937-9357
US Bank 888-831-7524